AM BEST REGRADES AXA RE ASIA PACIFIC

Rating agency AM Best had downgraded the financial strength rating of Singapore-based Axa Re Asia Pacific, to single A minus (excellent) from single A (excellent), with a stable outlook. The change in grade follows the transfer of ownership from France-based AXA to Paris Re. AM Best cited the company’s strategic role within the Paris Re group, which took over France-based AXA’s reinsurance interests last year. AM Best also noted Axa Re Asia Pacific’s “strong capitalisation and excellent underwriting results”. Paris Re was capitalised at $1.6bn when launched by Trident III, and investment fund managed by Stonepoint Capital.